The bulls were not at their best this month. This last week marked the F&O expiry. The good news was that inflation was down and the bad news was that the rupee was up. The last day of trading finally ended on a strong note
30-Jun-2007 •Research Desk
The month of June has not been spectacular for the bulls and the Sensex failed to scale a new peak. This week too wasn't particularly exciting though the market rallied on the last two days.
Monday ended on a flat note while Tuesday seemed better.
Wednesday saw the markets slump though the BSE Mid Cap managed to close in positive territory. Metal, pharma and banking stocks plummeted.
Tuesday and Wednesday saw Jet Airways move up after the Board of Directors approved to raise as much as $400million and on the announcement of its Q4 result with net profit at Rs880.1 million and sales at Rs90.78 billion.
The market closed positively on Thursday with the F&O expiry. On Friday, it rallied and except for metal, all other sectoral indices closed in the green.
Sugar stocks picked up on the back of good news - the finance minister's announcement that the government might announce more sops for the troubled industry and the Food Ministry permitting sugar mills to store an additional 3 million tons of sugar.
Cement stocks rallied after the finance minister said that the government has not asked companies to freeze prices.
IT stocks were sluggish as the rupee rose.
The biggest Sensex gainer was ACC (9.73%) and the biggest loser was Hindalco (-5.79%).
BSE Bankex, BSE Healthcare and BSE IT were the indices that gained this week.
Satyam (1.19%), TCS (0.81%) and Wipro (0.25%) gained while Infosys lost (-1.10%).
Banking stocks did well and SBI (4.77%), HDFC Bank (3.87%) and ICICI Bank (0.16%) closed in the green.
Cipla (-0.60%) and Ranbaxy (-0.13%) were the pharma stocks that lost while Dr Reddy's gained (0.88%).
The BSE Auto index closed lower. Maruti Udyog (-2.47%), Tata Motors (-2.15%) and Bajaj Auto (-2.10%) ended the week in the red. Hero Honda closed positively at 2.83%.